Risk Management in the Polish Financial System

Raczkowski, Konrad; Noga, Marian; Klepacki, Jarosław

doi:10.1057/9781137549020

Cited by 6 publications

(5 citation statements)

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“…Prospect theory, also called loss-aversion theory, psychological theory of decision-making under conditions of risk, which was developed by psychologists Daniel Kahneman and Amos Tversky and originally published in 1979 (Wijelathike & Lama, 2019). Prospect theory is a theory of decision-making under conditions of risk (Noga, Raczkowski & Klepacki, 2015). Decisions involve internal conflict over value trade-offs.…”

Section: Prospect Theorymentioning

confidence: 99%

Effect of Project Risk Management Processes on Performance of Borehole Projects in Mombasa County, Kenya

NYARANGI,

OGOLLA,

KITHEKA (PhD)

2021

strategicjournals.com

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The general objective of the study was to establish the effect of risk management processes on performance of borehole projects in Mombasa County, Kenya. Descriptive research design was used. The study focused on 146 borehole projects in Mombasa County, Kenya, undertaken from 2013 to 2018 and focusing on two key units of respondents per each project comprising of project manager and one end user representative per project. The study population was 182 respondents (project managers, clients and contractors). Stratified random sampling techniques was adopted. Structured questionnaires were used to collect primary data from the targeted respondents. Quantitative data was analyzed by use of both inferential and descriptive statistics with the help of statistical software known as Statistical Package for Social Sciences (SPSS version 25). The study found out that there was a positive and significant relationship between project risk identification and performance of borehole projects in Mombasa County, Kenya. There was a positive and significant relationship between project risk evaluation and performance of borehole water supply construction projects in Mombasa County, Kenya. Also There was a positive and significant relationship between project risk handling and performance of borehole projects in Mombasa County, Kenya. Lastly, there was a positive and significant relationship between project risk control and performance of borehole projects in Mombasa County, Kenya. Based on the findings, the study concluded that risk identification, risk evaluation, risk handling and risk control have a positive and significant effect on the performance of borehole projects in Mombasa County, Kenya. The study recommended that project managers should embrace the use of risk identification because it assists the management to develop risk management strategy to allocate resources efficiently, organizations should adopt project's accounting control practices such as risk based auditing, projects should transfer risks through diversification and hedging and lastly, many project policies, although popular should be avoided, but avoiding risks also means losing out on the potential gain that accepting (retaining) the risk may have allowed.

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Section: Prospect Theorymentioning

confidence: 99%

Effect of Project Risk Management Processes on Performance of Borehole Projects in Mombasa County, Kenya

NYARANGI,

OGOLLA,

KITHEKA (PhD)

2021

strategicjournals.com

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“…There are various definitions of the TG adopted in the practice of operation of tax authorities in different countries and many means of its measurement too. Basing on the general definition presented in the introduction and proposed by the IRS (Internal Revenue Service), which corresponds with the one used by Her Majesty Revenue and Customs, one may assume that the TG is "the degree to which the taxpayer evades taxation, which results in undue reduction of the tax base and a decrease in due contributions to the state budget" (Raczkowski et al, 2015). Some researchers (Plumley, 2005) believe that the TG defined in such a way may be disaggregated into three components:…”

Section: Tax Gapperception Effects and Consequencesmentioning

confidence: 99%

“…486-497); fiscal discipline is not kept in many countries; excessive spending in the public sector is concurrent with the lack of effectiveness of state authorities and tax administration as far as enforcement of tax liabilities of companies or individual taxpayers is concerned; asymmetry in the relationships between large supranational corporations that have access to well-paid lawyers and tax advisers and the representatives of tax administration, who are ineffectual in financial, substantial, analytical and moral (because of corruption) terms, especially in underdeveloped countries, emerging economies and post-communist countries; the cross-border character and exceptional mobility of the underground economy, which skilfully seizes the opportunities offered by the spectacular development of new information and communication technologies for the purposes of expansion into new markets and new lucrative industries; dominance of neoliberalism in the previous decades as an economic doctrine stigmatizing the state and its tax authorities as the tools of fiscal oppression of the taxpayer, which may indirectly undermine the willingness and readiness of the taxpayers to comply with their tax liabilities; contradictory interests of nations within regional integration blocs (e.g. the EU), which manifests itself as unfair tax competition and lack of consensus as to such tax harmonization that would bind the place rather than the residence of business activity with the tax liability assigned to the (local and national) tax jurisdiction where the actual economic activity takes place (Raczkowski et al, 2015). It is not possible to agree with the Tyc's (2008, pp.…”

Section: Tax Gap In the Global Economymentioning

confidence: 99%

Tax gap in the global economy

Raczkowski

Mróz

2018

JMLC

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Purpose The purpose of this paper is to present an up-to-date estimation of the tax gaps (TGs) of 35 countries (28 EU member states and 7 additional countries – Australia, Canada, Japan, New Zealand, Turkey, Switzerland and the USA, both as a percentage of the gross domestic product (GDP) and a nominal value (in US$). Design/methodology/approach The authors’ empirical study was carried out on 35 selected countries. To estimate the TG, indirect methodology has been applied, where the basic components used in the estimation procedure are the level of the shadow economy estimated with the multiple indicators multiple causes method, the GDP at current prices (in US$), the total tax rate (TTR) of a given country and the indirect method of follow-up and estimation of lacking data. Findings The basic finding of the research is that the level of the TG is determined individually for a given country and is strongly correlated with the GDP, i.e. if the GDP is high, the TG as the percentage of the GDP is lower in the majority of countries. It is particularly easily noticeable in countries such as the USA (TG – 3.8 per cent of the GDP), the Great Britain (TG – 3.2 per cent of the GDP) or Japan (TG – 4.3 per cent of the GDP). Research limitations/implications A limitation of the adopted research method is the lack of application of direct (supplementary) methods which would include potentially lost contributions from foreign sources and not registered taxpayers. Another research constraint is that the authors’ estimations do not take into account the so-called direct top-down approach based on the VAT Theoretical Total Liability. The weakness of the adopted procedure of estimation is also the use of TTR only instead of comparative approach including tax burdens and average tax rate. Practical implications TG has recently become a hotly debated issue and poses a big challenge to the public finance in many countries. The paper provides some recommendations for the policymakers how to reduce the size of the TG. Social implications Tax evasion and tax avoidance leading to the emergence and expansion of the TG erode the business ethics and distort the rules of fair competition, thus undermining the social trust and moral infrastructure of business transactions. Originality/value One of the major research findings is that 30 per cent of the TG in a given country is determined by the TTR, which – for the first time – provides empirical proof that tax policy (as part of overall economic policy) plays an important role and that it may determine the fiscal effectiveness of a given country.

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“…Bardzo ciekawa jest strategia czarnego łabędzia, polegająca na tym, że inwestor inwestuje w coś, co teoretycznie nie ma prawa się zdarzyć (black swan). Jest to strategia podobna do koncepcji potocznie określanej mianem "złotego strzału" [Raczkowski, Noga, Klepacki 2015].…”

Section: Filtry W Teorii Ekonomicznejunclassified

Creation of Neuromacroeconomics as a Result of a Biological Filter Imposed on the Paradigm of Mainstream Economics

Noga¹

2017

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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Streszczenie: W artykule autor dokonuje analizy modyfikacji paradygmatu ekonomii głównego nurtu i stwierdza, że aby ta nauka dobrze opisywała rzeczywistość gospodarczą i formułowała predykcyjne wnioski, muszą na dotychczasowe osiągnięcia ekonomii być nałożone filtry, które umożliwią spełnienie tych zadań i uczynienie z ekonomii nauki kognitywnej. Jednym z takich filtrów jest biologia, która w połączeniu z ekonomią daje możliwość stworzenia nowej nauki -neuromakroekonomii. Efektem tej nauki w przyszłości będzie zbliżenie praw ekonomicznych do praw przyrodniczych, o czym ekonomiści marzyli od 300 lat.Słowa kluczowe: ekonomia, ekonomia głównego nurtu, neuromakroekonomia. Summary:In the article its author analyses the modification of the paradigm of mainstream economics. He also states that filters must be imposed on former achievements of economy in order this science properly describes economic reality and formulates predicative proposals. The filters have to enable to fulfil these tasks and cause that economy becomes cognitive science. Biology is one of such pillars, which connected with economy enables to create the new science of neuroeconomics. The effect of this science will be bringing economic and natural rights closer by their nature, which has been a dream of economists for 300 years.

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Risk Management in the Polish Financial System

Cited by 6 publications

References 0 publications

Effect of Project Risk Management Processes on Performance of Borehole Projects in Mombasa County, Kenya

Effect of Project Risk Management Processes on Performance of Borehole Projects in Mombasa County, Kenya

Tax gap in the global economy

Creation of Neuromacroeconomics as a Result of a Biological Filter Imposed on the Paradigm of Mainstream Economics

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